基于Web的众筹研究回顾:融资模式、影响因素和行为模式
|
摘要
【目的】基于Web的众筹模式成为新的融资渠道,倍受政府和投资者的关注,但是众筹研究并不广泛。本文针对众筹模式的现状,探讨众筹模式结构性、趋势性的研究进展。【文献范围】从Web of Science、CNKI等数据库中分别以"众筹(Crowdfunding,Crowdfinancing,Crowdinvesting)"、"P2P借贷(P2P Lending)"等检索词检索获得中英文相关文献101篇。【方法】通过文献计量学和数据分析方法,针对众筹相关概念及内涵、模式差异、影响因素与发展趋势进行系统的文献提炼与评析,分面从众筹平台、项目描述、社会关系、地理位置以及项目质量等方面分析影响众筹项目成功率的因素。【结果】众筹项目融资受多方面因素影响,尤其不能忽视非质量因素,项目融资者与投资者呈现显著的行为模式的差异,投融双方的行为共同决定众筹项目的前景。【局限】众筹模式的研究还并不深入。【结论】众筹模式具有较大的可探索空间,未来需要结合其他领域的研究对众筹模式进行更加深入的研究,例如:心理学、行为学、金融学等。
[Objective] The web-based crowdfunding has become a new channel for fund-raising,which got more and more attention from governments and investors.However,limited research has been conducted on crowdfunding.This paper reviews the latest studies on crowdfunding,and discusses its trends.[Coverage] We retrieved 157 Chinese and English papers from Web of Science and CNKI using the keywords of "Crowdfunding","Crowdfinancing","Crowdinvesting" or "P2 P Lending".[Methods] By literature metrology and data analysis methods,we introduce the definitions and classifications of crowdfunding.Then we study the factors which influence the successful campaigns from the following aspects: platform of crowdfunding,description of the projects,social relationship of the founders,geographical factors,as well as the quality signals of the projects.[Results] Results of the crowdfunding campaigns were influenced by many factors,especially the non-quality ones.There was significant difference between the investors and peoples seeking funding,which determined the prospect of each campaign.[Limitations] More research is needed to investigate the crowdfunding models [Conclusions] There are still much to be explored in crowdfunding models,such as from the psychology,behavioral science and finance perspectives.
[Objective] The web-based crowdfunding has become a new channel for fund-raising,which got more and more attention from governments and investors.However,limited research has been conducted on crowdfunding.This paper reviews the latest studies on crowdfunding,and discusses its trends.[Coverage] We retrieved 157 Chinese and English papers from Web of Science and CNKI using the keywords of "Crowdfunding","Crowdfinancing","Crowdinvesting" or "P2 P Lending".[Methods] By literature metrology and data analysis methods,we introduce the definitions and classifications of crowdfunding.Then we study the factors which influence the successful campaigns from the following aspects: platform of crowdfunding,description of the projects,social relationship of the founders,geographical factors,as well as the quality signals of the projects.[Results] Results of the crowdfunding campaigns were influenced by many factors,especially the non-quality ones.There was significant difference between the investors and peoples seeking funding,which determined the prospect of each campaign.[Limitations] More research is needed to investigate the crowdfunding models [Conclusions] There are still much to be explored in crowdfunding models,such as from the psychology,behavioral science and finance perspectives.
引文
[1]Mc Kenny A F,Allison T H,Ketchen D J,et al.How Should Crowdfunding Research Evolve?A Survey of the Entrepreneurship Theory and Practice Editorial Board[J].Entrepreneurship Theory and Practice,2017,41(2):291-304.
[2]Tomczak A,Brem A.A Conceptualized Investment Model of Crowdfunding[J].Venture Capital,2013,15(4):335-359.
[3]Kang M,Gao Y,Wang T,et al.Understanding the Determinants of Funders’Investment Intentions on Crowdfunding Platforms:A Trust-based Perspective[J].Industrial Management&Data Systems,2016,116(8):1800-1819.
[4]Belleflamme P,Omrani N,Peitz M.The Economics of Crowdfunding Platforms[J].Information Economics and Policy,2015,33:11-28.
[5]Younkin P,Kashkooli K.What Problems does Crowdfunding Solve?[J].California Management Review,2016,58(2):20-43.
[6]Gleasure R,Feller J.Emerging Technologies and the Democratisation of Financial Services:A Metatriangulation of Crowdfunding Research[J].Information and Organization,2016,26(4):101-115.
[7]Belleflamme P,Lambert T,Schwienbacher A.Crowdfunding:Tapping the Right Crowd[J].Journal of Business Venturing,2014,29(5):585-609.
[8]Sorenson O,Assenova V,Li G C,et al.Expand Innovation Finance via Crowdfunding[J].Science,2016,354(6319):1526-1528.
[9]Gamble J R,Brennan M,Mc Adam R.A Rewarding Experience?Exploring How Crowdfunding is Affecting Music Industry Business Models[J].Journal of Business Research,2017,70:25-36.
[10]赵科源,于锦雯.股权众筹助推大众创业万众创新[J].理论视野,2015(9):71-73.(Zhao Keyuan,Yu Jinwen.Equity Crowdfunding to Boost the Innovation of the Public[J].Theoretical Horizon,2015(9):71-73.)
[11]Danmayr F.Archetypes of Crowdfunding Platforms:A Multidimensional Comparison[M].Springer Science&Business Media,2013.
[12]Cholakova M,Clarysse B.Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd out Reward-based Investments?[J].Entrepreneurship Theory and Practice,2015,39(1):145-172.
[13]Mollick E.The Dynamics of Crowdfunding:An Exploratory Study[J].Journal of Business Venturing,2014,29(1):1-16.
[14]刘海飞,许金涛,柏巍,等.社交网络、投资者关注与股价同步性[J].管理科学学报,2017,20(2):53-62.(Liu Haifei,Xu Jintao,Bai Wei,et al.Social Networks,Investor Attention and Stock Price Synchronicity[J].Journal of Management Sciences in China,2017,20(2):53-62.)
[15]Kuppuswamy V,Bayus B L.Crowdfunding Creative Ideas:The Dynamics of Project Backers in Kickstarter[J].Social Science Research Network,2015(1):1-49.
[16]Bi S,Liu Z,Usman K.The Influence of Online Information on Investing Decisions of Reward-based Crowdfunding[J].Journal of Business Research,2017,71:10-18.
[17]Barasinska N,Sch?fer D.Is Crowdfunding Different?Evidence on the Relation Between Gender and Funding Success from a German Peer-to-Peer Lending Platform[J].German Economic Review,2014,15(4):436-452.
[18]Xu A,Yang X,Rao H,et al.Show me the Money!:An Analysis of Project Updates During Crowdfunding Campaigns[C]//Proceedings of the SIGCHI Conference on Human Factors in Computing Systems,2014:591-600.
[19]刘征驰,何焰,马滔,等.基于发起人视角的创意众筹异质性激励机制研究[J].管理学报,2017,14(6):868-876.(Liu Zhengchi,He Yan,Ma Tao,et al.The Heterogeneous Incentive Mechanism of Creative Crowdfunding Based on the Perspective of Entrepreneurs[J].Chinese Journal of Management,2017,14(6):868-876.)
[20]Gerber E M,Hui J.Crowdfunding:Motivations and Deterrents for Participation[J].ACM Transactions on Computer-Human Interaction,2013,20(6):Article 34.
[21]薛巍立,王杰,申飞阳.竞争环境下众筹产品的定价策略研究[J].管理工程学报,2017,31(4):209-219.(Xue Weili,Wang Jie,Shen Feiyang.Pricing Strategy of Crowdfunding Products in Competitive Environment[J].Journal of Industrial Engineering/Engineering Management,2017,31(4):209-219.)
[22]Zhao Q,Chen C-D,Wang J-L,et al.Determinants of Backers’Funding Intention in Crowdfunding:Social Exchange Theory and Regulatory Focus[J].Telematics and Informatics,2017,34(1):370-384.
[23]王先甲,何奇龙,全吉.基于复制动态的消费者众筹策略演化动态[J].系统工程理论与实践,2017,37(11):2812-2820.(Wang Xianjia,He Qilong,Quan Ji.Evolutionary Dynamics of Consumers’Crowdfunding Strategies Based on Replicator Dynamics[J].Systems Engineering-Theory&Practice,2017,37(11):2812-2820.)
[24]Agrawal A,Catalini C,Goldfarb A.Crowdfunding:Geography,Social Networks,and the Timing of Investment Decisions[J].Journal of Economics&Management Strategy,2015,24(2):253-274.
[25]Snyder J,Crooks V A,Mathers A,et al.Appealing to the Crowd:Ethical Justifications in Canadian Medical Crowdfunding Campaigns[J].Journal of Medical Ethics,2017,43(6):364-367.
[26]吴江,刘弯弯.什么样的评论更容易获得有用性投票——以亚马逊网站研究为例[J].数据分析与知识发现,2017,1(9):16-27.(Wu Jiang,Liu Wanwan.Identifying Reviews with More Positive Votes—Case Study of Amazon.cn[J].Data Analysis and Knowledge Discovery,2017,1(9):16-27.)
[27]Meer J.Effects of the Price of Charitable Giving:Evidence from an Online Crowdfunding Platform[J].Journal of Economic Behavior&Organization,2014,103:113-124.
[28]Saxton G D,Wang L.The Social Network Effect:The Determinants of Giving Through Social Media[J].Nonprofit and Voluntary Sector Quarterly,2014,43(5):850-868.
[29]Wash R.The Value of Completing Crowdfunding Projects[C]//Proceedings of International AAAI Conference on Web and Social Media&the 7th International AAAI Conference on Weblogs and Social Media.2013,13:1-9.
[30]Smith S,Windmeijer F,Wright E.Peer Effects in Charitable Giving:Evidence from the(Running)Field[J].The Economic Journal,2015,125(585):1053-1071.
[31]Pitschner S,Pitschner-Finn S.Non-profit Differentials in Crowd-based Financing:Evidence from 50,000 Campaigns[J].Economics Letters,2014,123(3):391-394.
[32]夏恩君,李森,赵轩维.股权众筹投资者动机研究[J].科研管理,2017,38(12):78-88.(Xia Enjun,Li Sen,Zhao Xuanwei.A Study of the Investor Motivation of Equity Crowdfunding[J].Science Research Management,2017,38(12):78-88.)
[33]Agrawal A,Catalini C,Goldfarb A.Some Simple Economics of Crowdfunding[J].Innovation Policy and the Economy,2014,14(1):63-97.
[34]Deeds D,De Carolis D,Chaganti R.Predictors of Capital Structure in Small Ventures[J].Entrepreneurship Theory and Practice,1996,20(2):7-18.
[35]Ahl H.Why Research on Women Entrepreneurs Needs New Directions[J].Entrepreneurship Theory and Practice,2006,30(5):595-621.
[36]Herzenstein M,Dholakia U M,Andrews R L.Strategic Herding Behavior in Peer-to-Peer Loan Auctions[J].Journal of Interactive Marketing,2011,25(1):27-36.
[37]Zhang J,Liu P.Rational Herding in Microloan Markets[J].Management Science,2012,58(5):892-912.
[38]Lin M,Prabhala N R,Viswanathan S.Judging Borrowers by the Company They Keep:Friendship Networks and Information Asymmetry in Online Peer-to-Peer Lending[J].Management Science,2013,59(1):17-35.
[39]Ly P,Mason G.Competition Between Microfinance NGOs:Evidence from Kiva[J].World Development,2012,40(3):643-655.
[40]Burtch G,Ghose A,Wattal S.Cultural Differences and Geography as Determinants of Online Pro-social Lending[J].MIS Quarterly,2014,38(3):773-794.
[41]邱甲贤,聂富强,童牧,等.第三方电子交易平台的双边市场特征——基于在线个人借贷市场的实证分析[J].管理科学学报,2016,19(1):47-59.(Qiu Jiaxian,Nie Fuqiang,Tong Mu,et al.Two-sided Characteristics of the Third-party Electronic Market:Evidence from Online Peer-to-Peer Lending Marketplace[J].Journal of Management Sciences in China,2016,19(1):47-59.)
[42]Freedman S M,Jin G Z.Learning by Doing with Asymmetric Information:Evidence from Prosper.com[R].National Bureau of Economic Research,2011:203-212.
[43]尹振涛,阎沭杉.利用众筹模式拓宽科研经费的筹集渠道[J].科学管理研究,2015,33(6):101-104,120.(Yin Zhentao,Yan Shushan.Expanding the Channels of Research Funds Raising Through Crowdfunding[J].Scientific Management Research,2015,33(6):101-104,120.)
[44]李国鑫,王正沛.科技类奖励众筹支持者参与动机及参与意愿影响因素研究[J].管理学报,2016,13(4):580-587.(Li Guoxin,Wang Zhengpei.Motivation and Influence Factors of Funders Supporting the Technology Reward Crowdfunding Project[J].Chinese Journal of Management,2016,13(4):580-587.)
[45]Wheat R E,Wang Y,Byrnes J E,et al.Raising Money for Scientific Research Through Crowdfunding[J].Trends in Ecology&Evolution,2013,28(2):71-72.
[46]Wieck E,Bretschneider U,Leimeister J M.Funding from the Crowd:An Internet-based Crowdfunding Platform to Support Business Set-ups from Universities[J].International Journal of Cooperative Information Systems,2013,22(3):1340007.
[47]Franzoni C,Sauermann H.Crowd Science:The Organization of Scientific Research in Open Collaborative Projects[J].Research Policy,2014,43(1):1-20.
[48]郑海超,杨婷婷,陈冬宇,等.创新项目大众筹资:资助人公民行为的价值[J].科研管理,2015,36(11):37-46.(Zheng Haichao,Yang Tingting,Chen Dongyu,et al.The Crowdfunding of Innovation Projects:The Value of Sponsors’Citizenship Behaviors[J].Science Research Management,2015,36(11):37-46.)
[49]Lintott C J,Schawinski K,Slosar A,et al.Galaxy Zoo:Morphologies Derived from Visual Inspection of Galaxies from the Sloan Digital Sky Survey[J].Monthly Notices of the Royal Astronomical Society,2008,389(3):1179-1189.
[50]Bonney R,Shirk J L,Phillips T B,et al.Next Steps for Citizen Science[J].Science,2014,343(6178):1436-1437.
[51]Dushnitsky G,Guerini M,Piva E,et al.Crowdfunding in Europe:Determinants of Platform Creation Across Countries[J].California Management Review,2016,58(2):44-71.
[52]薛福亮,刘君玲.基于用户间信任关系改进的协同过滤推荐方法[J].数据分析与知识发现,2017,1(7):90-99.(Xue Fuliang,Liu Junling.Improving Collaborative Filtering Recommendation Based on Trust Relationship Among Users[J].Data Analysis and Knowledge Discovery,2017,1(7):90-99.)
[53]王伟,Chen W,Zhu K,et al.众筹融资成功率与语言风格的说服性——基于Kickstarter的实证研究[J].管理世界,2016(5):81-98.(Wang Wei,Chen W,Zhu K,et al.The Success Rate of Crowdfunding and the Persuasiveness of Language Style—An Empirical Study Based on Kickstarter[J].Management World,2016(5):81-98.)
[54]Gregorio J D,Lee J W.Education and Income Inequality:New Evidence from Cross-country Data[J].Review of Income and Wealth,2002,48(3):395-416.
[55]Campbell T S,Dietrich J K.The Determinants of Default on Insured Conventional Residential Mortgage Loans[J].The Journal of Finance,1983,38(5):1569-1581.
[56]吴聪,赵宇翔,朱庆华.基于任务展示示能性的众筹项目视频分析——以众筹网为例[J].数据分析与知识发现,2017,1(10):64-76.(Wu Cong,Zhao Yuxiang,Zhu Qinghua.Analyzing Crowdfunding Videos Based on Task Presentation—Case Study of zhongchou.com[J].Data Analysis and Knowledge Discovery,2017,1(10):64-76.)
[57]Tausczik Y R,Pennebaker J W.The Psychological Meaning of Words:LIWC and Computerized Text Analysis Methods[J].Journal of Language and Social Psychology,2010,29(1):24-54.
[58]Chen X P,Yao X,Kotha S.Entrepreneur Passion and Preparedness in Business Plan Presentations:A Persuasion Analysis of Venture Capitalists’Funding Decisions[J].Academy of Management Journal,2009,52(1):199-214.
[59]Zhou L,Burgoon J K,Twitchell D P,et al.A Comparison of Classification Methods for Predicting Deception in Computer-mediated Communication[J].Journal of Management Information Systems,2004,20(4):139-165.
[60]Goering E,Connor U M,Nagelhout E,et al.Persuasion in Fundraising Letters:An Interdisciplinary Study[J].Nonprofit and Voluntary Sector Quarterly,2011,40(2):228-246.
[61]Valanciene L,Jegeleviciute S.Valuation of Crowdfunding:Benefits and Drawbacks[J].Economics and Management,2013,18(1):39-48.
[62]Gutsche J,Sylla S.Success Factors of Crowdfunding Projects on the Kickstarter Platform[M].Springer Press,2018:361-374.
[63]Kromidha E,Robson P.Social Identity and Signalling Success Factors in Online Crowdfunding[J].Entrepreneurship&Regional Development,2016,28(9-10):605-629.
[64]王念新,侯洁,葛世伦.从众还是旁观?众筹市场中出资者行为的实证研究[J].管理工程学报,2016,30(4):124-134.(Wang Nianxin,Hou Jie,Ge Shilun.Herding or Bystander?An Empirical Study of the Backers’Behavior in Crowdfunding Market[J].Journal of Industrial Engineering/Engineering Management,2016,30(4):124-134.)
[65]Wang N,Li Q,Liang H,et al.Understanding the Importance of Interaction Between Creators and Backers in Crowdfunding Success[J].Electronic Commerce Research and Applications,2018,27:106-117.
[66]Cumming D J,Johan S A.Venture Capital and Private Equity Contracting:An International Perspective[M].Academic Press,2013.
[67]Mamonov S,Malaga R.Success Factors in Title III Equity Crowdfunding in the United States[J].Electronic Commerce Research and Applications,2018,27:65-73.
[68]Kuppuswamy V,Bayus B L.Does My Contribution to Your Crowdfunding Project Matter?[J].Journal of Business Venturing,2017,32(1):72-89.
[69]Zeng X,Li Y,Leung S C,et al.Investment Behavior Prediction in Heterogeneous Information Network[J].Neurocomputing,2016,217:125-132.
[70]Lin M,Viswanathan S.Home Bias in Online Investments:An Empirical Study of an Online Crowdfunding Market[J].Management Science,2015,62(5):1393-1414.
[71]Günther C,Johan S,Schweizer D.Is the Crowd Sensitive to Distance?—How Investment Decisions Differ by Investor Type[J].Small Business Economics,2018,50(2):289-305.
[72]Parker S C.The Economics of Entrepreneurship[M].Cambridge University Press,2009.
[73]Wong A,Bhatia M,Freeman Z.Angel Finance:The Other Venture Capital[J].Strategic Change,2009,18(7-8):221-230.
[74]Conti A,Thursby M,Rothaermel F T.Show Me the Right Stuff:Signals for High-Tech Startups[J].Journal of Economics&Management Strategy,2013,22(2):341-364.
[75]王伟,郭丽环,祝效国,等.融资者个人因素以及社会关系对食品类众筹项目的影响研究[J].经济评论,2017(4):118-130.(Wang Wei,Guo Lihuan,Kevin Zhu,et al.The Impact of Personal Factors and Social Relationships of the Financers on the Food-related Crowdfunding Campaigns[J].Economic Review,2017(4):118-130.)
[76]Kaplan S N,Sensoy B A,Str?mberg P.Should Investors Bet on the Jockey or the Horse?Evidence from the Evolution of Firms from Early Business Plans to Public Companies[J].The Journal of Finance,2009,64(1):75-115.
[77]Brinckmann J,Kim S M.Why We Plan:The Impact of Nascent Entrepreneurs’Cognitive Characteristics and Human Capital on Business Planning[J].Strategic Entrepreneurship Journal,2015,9(2):153-166.
[78]Davis B C,Hmieleski K M,Webb J W,et al.Funders’Positive Affective Reactions to Entrepreneurs’Crowdfunding Pitches:The Influence of Perceived Product Creativity and Entrepreneurial Passion[J].Journal of Business Venturing,2017,32(1):90-106.
[79]Davidson R,Poor N.The Barriers Facing Artists’Use of Crowdfunding Platforms:Personality,Emotional Labor,and Going to the Well One Too Many Times[J].New Media&Society,2015,17(2):289-307.
[80]Vismara S.Equity Retention and Social Network Theory in Equity Crowdfunding[J].Small Business Economics,2016,46(4):579-590.
[81]Lin L.Managing the Risks of Equity Crowdfunding:Lessons from China[J].Journal of Corporate Law Studies,2017,17(2):327-366.
[82]Debrulle J,Maes J,Sels L.Start-up Absorptive Capacity:Does the Owner’s Human and Social Capital Matter?[J].International Small Business Journal:Researching Enterpreneurship,2014,32(7):777-801.
[83]ButticèV,Colombo M G,Wright M.Serial Crowdfunding,Social Capital,and Project Success[J].Entrepreneurship:Theory and Practice,2017,41(2):183-207.
[84]Lehner O M,Grabmann E,Ennsgraber C.Entrepreneurial Implications of Crowdfunding as Alternative Funding Source for Innovations[J].Venture Capital,2015,17(1-2):171-189.
[85]吴文清,付明霞,赵黎明.我国众筹成功影响因素及羊群现象研究[J].软科学,2016,30(2):5-8.(Wu Wenqing,Fu Mingxia,Zhao Liming.Successful Factors and Herding Phenomenon of Crowdfunding[J].Soft Science,2016,30(2):5-8.)
[86]Huang Y,Vir Singh P,Srinivasan K.Crowdsourcing New Product Ideas Under Consumer Learning[J].Management Science,2014,60(9):2138-2159.
[87]Escoffier N,Mc Kelvey B.The Wisdom of Crowds in the Movie Industry:Towards New Solutions to Reduce Uncertainties[J].International Journal of Arts Management,2015,17(2):52-63.
[88]Smith A N.The Backer-Developer Connection:Exploring Crowdfunding’s Influence on Video Game Production[J].New Media&Society,2015,17(2):198-214.
[89]Paravisini D,Rappoport V,Ravina E.Risk Aversion and Wealth:Evidence from Person-to-Person Lending Portfolios[J].Management Science,2016,63(2):279-297.
[90]Lehner O M.Crowdfunding Social Ventures:A Model and Research Agenda[J].Venture Capital,2013,15(4):289-311.
[91]Mollick E,Robb A.Democratizing Innovation and Capital Access:The Role of Crowdfunding[J].California Management Review,2016,58(2):72-87.
[92]Calic G,Mosakowski E.Kicking Off Social Entrepreneurship:How a Sustainability Orientation Influences Crowdfunding Success[J].Journal of Management Studies,2016,53(5):738-767.
[93]Serrano A,Oliva R,Kraiselburd S.On the Cost of Capital in Inventory Models with Deterministic Demand[J].International Journal of Production Economics,2017,183:14-20.
[94]何跃,尹小佳,朱超.基于情感及影响力的微博用户群体特征分析——以A手机为例[J].数据分析与知识发现,2017,1(10):12-20.(He Yue,Yin Xiaojia,Zhu Chao.Analyzing Characteristics of Weibo Users Based on Their Sentiments and Influences—Case Study of Cell Phone Brand[J].Data Analysis and Knowledge Discovery,2017,1(10):12-20.)
[95]吴维芳,高宝俊,杨海霞,等.评论文本对酒店满意度的影响:基于情感分析的方法[J].数据分析与知识发现,2017,1(3):62-71.(Wu Weifang,Gao Baojun,Yang Haixia,et al.The Impacts of Reviews on Hotel Satisfaction:A Sentiment Analysis Method[J].Data Analysis and Knowledge Discovery,2017,1(3):62-71.)
[96]Yuan H,Lau R Y,Xu W.The Determinants of Crowdfunding Success:A Semantic Text Analytics Approach[J].Decision Support Systems,2016,91:67-76.
[97]张继源.关于众筹模式及其效率和问题[J].东岳论丛,2015,36(3):185-189.(Zhang Jiyuan.On the Model of Crowdfunding and Its Efficiency and Problems[J].Dongyue Tribune,2015,36(3):185-189.)
[98]Macht S A,Weatherston J.The Benefits of Online Crowdfunding for Fund-seeking Business Ventures[J].Strategic Change,2014,23(1-2):1-14.
[99]郭菊娥,熊洁.股权众筹支持创业企业融资问题研究[J].华东经济管理,2016,30(1):179-184.(Guo Ju’e,Xiong Jie.A Study on Equity-based Crowdfunding to Support Venture Enterprises Financing[J].East China Economic Management,2016,30(1):179-184.)
[100]王会敏.股权众筹是否真的那么美——基于美国制度缺陷的再思考[J].北京社会科学,2016(12):51-64.(Wang Huimin.Is Equity Crowdfunding Really So Agreeable?——Rethinking Based on Defects of the US Mechanism[J].Social Sciences of Beijing,2016(12):51-64.)
[101]王伟,陈伟,祝效国,等.众筹项目的个性化推荐:面向稀疏数据的二分图模型[J].系统工程理论与实践,2017,37(4):1011-1023.(Wang Wei,Chen Wei,Zhu Xiaoguo,et al.Personalized Recommendation of Crowd-funding Campaigns:A Bipartite Graph Approach for Sparse Data[J].Systems Engineering-Theory&Practice,2017,37(4):1011-1023.)
(1)2018年3月数据。
(2)https://www.kickstarter.com/help/stats.
[2]Tomczak A,Brem A.A Conceptualized Investment Model of Crowdfunding[J].Venture Capital,2013,15(4):335-359.
[3]Kang M,Gao Y,Wang T,et al.Understanding the Determinants of Funders’Investment Intentions on Crowdfunding Platforms:A Trust-based Perspective[J].Industrial Management&Data Systems,2016,116(8):1800-1819.
[4]Belleflamme P,Omrani N,Peitz M.The Economics of Crowdfunding Platforms[J].Information Economics and Policy,2015,33:11-28.
[5]Younkin P,Kashkooli K.What Problems does Crowdfunding Solve?[J].California Management Review,2016,58(2):20-43.
[6]Gleasure R,Feller J.Emerging Technologies and the Democratisation of Financial Services:A Metatriangulation of Crowdfunding Research[J].Information and Organization,2016,26(4):101-115.
[7]Belleflamme P,Lambert T,Schwienbacher A.Crowdfunding:Tapping the Right Crowd[J].Journal of Business Venturing,2014,29(5):585-609.
[8]Sorenson O,Assenova V,Li G C,et al.Expand Innovation Finance via Crowdfunding[J].Science,2016,354(6319):1526-1528.
[9]Gamble J R,Brennan M,Mc Adam R.A Rewarding Experience?Exploring How Crowdfunding is Affecting Music Industry Business Models[J].Journal of Business Research,2017,70:25-36.
[10]赵科源,于锦雯.股权众筹助推大众创业万众创新[J].理论视野,2015(9):71-73.(Zhao Keyuan,Yu Jinwen.Equity Crowdfunding to Boost the Innovation of the Public[J].Theoretical Horizon,2015(9):71-73.)
[11]Danmayr F.Archetypes of Crowdfunding Platforms:A Multidimensional Comparison[M].Springer Science&Business Media,2013.
[12]Cholakova M,Clarysse B.Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd out Reward-based Investments?[J].Entrepreneurship Theory and Practice,2015,39(1):145-172.
[13]Mollick E.The Dynamics of Crowdfunding:An Exploratory Study[J].Journal of Business Venturing,2014,29(1):1-16.
[14]刘海飞,许金涛,柏巍,等.社交网络、投资者关注与股价同步性[J].管理科学学报,2017,20(2):53-62.(Liu Haifei,Xu Jintao,Bai Wei,et al.Social Networks,Investor Attention and Stock Price Synchronicity[J].Journal of Management Sciences in China,2017,20(2):53-62.)
[15]Kuppuswamy V,Bayus B L.Crowdfunding Creative Ideas:The Dynamics of Project Backers in Kickstarter[J].Social Science Research Network,2015(1):1-49.
[16]Bi S,Liu Z,Usman K.The Influence of Online Information on Investing Decisions of Reward-based Crowdfunding[J].Journal of Business Research,2017,71:10-18.
[17]Barasinska N,Sch?fer D.Is Crowdfunding Different?Evidence on the Relation Between Gender and Funding Success from a German Peer-to-Peer Lending Platform[J].German Economic Review,2014,15(4):436-452.
[18]Xu A,Yang X,Rao H,et al.Show me the Money!:An Analysis of Project Updates During Crowdfunding Campaigns[C]//Proceedings of the SIGCHI Conference on Human Factors in Computing Systems,2014:591-600.
[19]刘征驰,何焰,马滔,等.基于发起人视角的创意众筹异质性激励机制研究[J].管理学报,2017,14(6):868-876.(Liu Zhengchi,He Yan,Ma Tao,et al.The Heterogeneous Incentive Mechanism of Creative Crowdfunding Based on the Perspective of Entrepreneurs[J].Chinese Journal of Management,2017,14(6):868-876.)
[20]Gerber E M,Hui J.Crowdfunding:Motivations and Deterrents for Participation[J].ACM Transactions on Computer-Human Interaction,2013,20(6):Article 34.
[21]薛巍立,王杰,申飞阳.竞争环境下众筹产品的定价策略研究[J].管理工程学报,2017,31(4):209-219.(Xue Weili,Wang Jie,Shen Feiyang.Pricing Strategy of Crowdfunding Products in Competitive Environment[J].Journal of Industrial Engineering/Engineering Management,2017,31(4):209-219.)
[22]Zhao Q,Chen C-D,Wang J-L,et al.Determinants of Backers’Funding Intention in Crowdfunding:Social Exchange Theory and Regulatory Focus[J].Telematics and Informatics,2017,34(1):370-384.
[23]王先甲,何奇龙,全吉.基于复制动态的消费者众筹策略演化动态[J].系统工程理论与实践,2017,37(11):2812-2820.(Wang Xianjia,He Qilong,Quan Ji.Evolutionary Dynamics of Consumers’Crowdfunding Strategies Based on Replicator Dynamics[J].Systems Engineering-Theory&Practice,2017,37(11):2812-2820.)
[24]Agrawal A,Catalini C,Goldfarb A.Crowdfunding:Geography,Social Networks,and the Timing of Investment Decisions[J].Journal of Economics&Management Strategy,2015,24(2):253-274.
[25]Snyder J,Crooks V A,Mathers A,et al.Appealing to the Crowd:Ethical Justifications in Canadian Medical Crowdfunding Campaigns[J].Journal of Medical Ethics,2017,43(6):364-367.
[26]吴江,刘弯弯.什么样的评论更容易获得有用性投票——以亚马逊网站研究为例[J].数据分析与知识发现,2017,1(9):16-27.(Wu Jiang,Liu Wanwan.Identifying Reviews with More Positive Votes—Case Study of Amazon.cn[J].Data Analysis and Knowledge Discovery,2017,1(9):16-27.)
[27]Meer J.Effects of the Price of Charitable Giving:Evidence from an Online Crowdfunding Platform[J].Journal of Economic Behavior&Organization,2014,103:113-124.
[28]Saxton G D,Wang L.The Social Network Effect:The Determinants of Giving Through Social Media[J].Nonprofit and Voluntary Sector Quarterly,2014,43(5):850-868.
[29]Wash R.The Value of Completing Crowdfunding Projects[C]//Proceedings of International AAAI Conference on Web and Social Media&the 7th International AAAI Conference on Weblogs and Social Media.2013,13:1-9.
[30]Smith S,Windmeijer F,Wright E.Peer Effects in Charitable Giving:Evidence from the(Running)Field[J].The Economic Journal,2015,125(585):1053-1071.
[31]Pitschner S,Pitschner-Finn S.Non-profit Differentials in Crowd-based Financing:Evidence from 50,000 Campaigns[J].Economics Letters,2014,123(3):391-394.
[32]夏恩君,李森,赵轩维.股权众筹投资者动机研究[J].科研管理,2017,38(12):78-88.(Xia Enjun,Li Sen,Zhao Xuanwei.A Study of the Investor Motivation of Equity Crowdfunding[J].Science Research Management,2017,38(12):78-88.)
[33]Agrawal A,Catalini C,Goldfarb A.Some Simple Economics of Crowdfunding[J].Innovation Policy and the Economy,2014,14(1):63-97.
[34]Deeds D,De Carolis D,Chaganti R.Predictors of Capital Structure in Small Ventures[J].Entrepreneurship Theory and Practice,1996,20(2):7-18.
[35]Ahl H.Why Research on Women Entrepreneurs Needs New Directions[J].Entrepreneurship Theory and Practice,2006,30(5):595-621.
[36]Herzenstein M,Dholakia U M,Andrews R L.Strategic Herding Behavior in Peer-to-Peer Loan Auctions[J].Journal of Interactive Marketing,2011,25(1):27-36.
[37]Zhang J,Liu P.Rational Herding in Microloan Markets[J].Management Science,2012,58(5):892-912.
[38]Lin M,Prabhala N R,Viswanathan S.Judging Borrowers by the Company They Keep:Friendship Networks and Information Asymmetry in Online Peer-to-Peer Lending[J].Management Science,2013,59(1):17-35.
[39]Ly P,Mason G.Competition Between Microfinance NGOs:Evidence from Kiva[J].World Development,2012,40(3):643-655.
[40]Burtch G,Ghose A,Wattal S.Cultural Differences and Geography as Determinants of Online Pro-social Lending[J].MIS Quarterly,2014,38(3):773-794.
[41]邱甲贤,聂富强,童牧,等.第三方电子交易平台的双边市场特征——基于在线个人借贷市场的实证分析[J].管理科学学报,2016,19(1):47-59.(Qiu Jiaxian,Nie Fuqiang,Tong Mu,et al.Two-sided Characteristics of the Third-party Electronic Market:Evidence from Online Peer-to-Peer Lending Marketplace[J].Journal of Management Sciences in China,2016,19(1):47-59.)
[42]Freedman S M,Jin G Z.Learning by Doing with Asymmetric Information:Evidence from Prosper.com[R].National Bureau of Economic Research,2011:203-212.
[43]尹振涛,阎沭杉.利用众筹模式拓宽科研经费的筹集渠道[J].科学管理研究,2015,33(6):101-104,120.(Yin Zhentao,Yan Shushan.Expanding the Channels of Research Funds Raising Through Crowdfunding[J].Scientific Management Research,2015,33(6):101-104,120.)
[44]李国鑫,王正沛.科技类奖励众筹支持者参与动机及参与意愿影响因素研究[J].管理学报,2016,13(4):580-587.(Li Guoxin,Wang Zhengpei.Motivation and Influence Factors of Funders Supporting the Technology Reward Crowdfunding Project[J].Chinese Journal of Management,2016,13(4):580-587.)
[45]Wheat R E,Wang Y,Byrnes J E,et al.Raising Money for Scientific Research Through Crowdfunding[J].Trends in Ecology&Evolution,2013,28(2):71-72.
[46]Wieck E,Bretschneider U,Leimeister J M.Funding from the Crowd:An Internet-based Crowdfunding Platform to Support Business Set-ups from Universities[J].International Journal of Cooperative Information Systems,2013,22(3):1340007.
[47]Franzoni C,Sauermann H.Crowd Science:The Organization of Scientific Research in Open Collaborative Projects[J].Research Policy,2014,43(1):1-20.
[48]郑海超,杨婷婷,陈冬宇,等.创新项目大众筹资:资助人公民行为的价值[J].科研管理,2015,36(11):37-46.(Zheng Haichao,Yang Tingting,Chen Dongyu,et al.The Crowdfunding of Innovation Projects:The Value of Sponsors’Citizenship Behaviors[J].Science Research Management,2015,36(11):37-46.)
[49]Lintott C J,Schawinski K,Slosar A,et al.Galaxy Zoo:Morphologies Derived from Visual Inspection of Galaxies from the Sloan Digital Sky Survey[J].Monthly Notices of the Royal Astronomical Society,2008,389(3):1179-1189.
[50]Bonney R,Shirk J L,Phillips T B,et al.Next Steps for Citizen Science[J].Science,2014,343(6178):1436-1437.
[51]Dushnitsky G,Guerini M,Piva E,et al.Crowdfunding in Europe:Determinants of Platform Creation Across Countries[J].California Management Review,2016,58(2):44-71.
[52]薛福亮,刘君玲.基于用户间信任关系改进的协同过滤推荐方法[J].数据分析与知识发现,2017,1(7):90-99.(Xue Fuliang,Liu Junling.Improving Collaborative Filtering Recommendation Based on Trust Relationship Among Users[J].Data Analysis and Knowledge Discovery,2017,1(7):90-99.)
[53]王伟,Chen W,Zhu K,et al.众筹融资成功率与语言风格的说服性——基于Kickstarter的实证研究[J].管理世界,2016(5):81-98.(Wang Wei,Chen W,Zhu K,et al.The Success Rate of Crowdfunding and the Persuasiveness of Language Style—An Empirical Study Based on Kickstarter[J].Management World,2016(5):81-98.)
[54]Gregorio J D,Lee J W.Education and Income Inequality:New Evidence from Cross-country Data[J].Review of Income and Wealth,2002,48(3):395-416.
[55]Campbell T S,Dietrich J K.The Determinants of Default on Insured Conventional Residential Mortgage Loans[J].The Journal of Finance,1983,38(5):1569-1581.
[56]吴聪,赵宇翔,朱庆华.基于任务展示示能性的众筹项目视频分析——以众筹网为例[J].数据分析与知识发现,2017,1(10):64-76.(Wu Cong,Zhao Yuxiang,Zhu Qinghua.Analyzing Crowdfunding Videos Based on Task Presentation—Case Study of zhongchou.com[J].Data Analysis and Knowledge Discovery,2017,1(10):64-76.)
[57]Tausczik Y R,Pennebaker J W.The Psychological Meaning of Words:LIWC and Computerized Text Analysis Methods[J].Journal of Language and Social Psychology,2010,29(1):24-54.
[58]Chen X P,Yao X,Kotha S.Entrepreneur Passion and Preparedness in Business Plan Presentations:A Persuasion Analysis of Venture Capitalists’Funding Decisions[J].Academy of Management Journal,2009,52(1):199-214.
[59]Zhou L,Burgoon J K,Twitchell D P,et al.A Comparison of Classification Methods for Predicting Deception in Computer-mediated Communication[J].Journal of Management Information Systems,2004,20(4):139-165.
[60]Goering E,Connor U M,Nagelhout E,et al.Persuasion in Fundraising Letters:An Interdisciplinary Study[J].Nonprofit and Voluntary Sector Quarterly,2011,40(2):228-246.
[61]Valanciene L,Jegeleviciute S.Valuation of Crowdfunding:Benefits and Drawbacks[J].Economics and Management,2013,18(1):39-48.
[62]Gutsche J,Sylla S.Success Factors of Crowdfunding Projects on the Kickstarter Platform[M].Springer Press,2018:361-374.
[63]Kromidha E,Robson P.Social Identity and Signalling Success Factors in Online Crowdfunding[J].Entrepreneurship&Regional Development,2016,28(9-10):605-629.
[64]王念新,侯洁,葛世伦.从众还是旁观?众筹市场中出资者行为的实证研究[J].管理工程学报,2016,30(4):124-134.(Wang Nianxin,Hou Jie,Ge Shilun.Herding or Bystander?An Empirical Study of the Backers’Behavior in Crowdfunding Market[J].Journal of Industrial Engineering/Engineering Management,2016,30(4):124-134.)
[65]Wang N,Li Q,Liang H,et al.Understanding the Importance of Interaction Between Creators and Backers in Crowdfunding Success[J].Electronic Commerce Research and Applications,2018,27:106-117.
[66]Cumming D J,Johan S A.Venture Capital and Private Equity Contracting:An International Perspective[M].Academic Press,2013.
[67]Mamonov S,Malaga R.Success Factors in Title III Equity Crowdfunding in the United States[J].Electronic Commerce Research and Applications,2018,27:65-73.
[68]Kuppuswamy V,Bayus B L.Does My Contribution to Your Crowdfunding Project Matter?[J].Journal of Business Venturing,2017,32(1):72-89.
[69]Zeng X,Li Y,Leung S C,et al.Investment Behavior Prediction in Heterogeneous Information Network[J].Neurocomputing,2016,217:125-132.
[70]Lin M,Viswanathan S.Home Bias in Online Investments:An Empirical Study of an Online Crowdfunding Market[J].Management Science,2015,62(5):1393-1414.
[71]Günther C,Johan S,Schweizer D.Is the Crowd Sensitive to Distance?—How Investment Decisions Differ by Investor Type[J].Small Business Economics,2018,50(2):289-305.
[72]Parker S C.The Economics of Entrepreneurship[M].Cambridge University Press,2009.
[73]Wong A,Bhatia M,Freeman Z.Angel Finance:The Other Venture Capital[J].Strategic Change,2009,18(7-8):221-230.
[74]Conti A,Thursby M,Rothaermel F T.Show Me the Right Stuff:Signals for High-Tech Startups[J].Journal of Economics&Management Strategy,2013,22(2):341-364.
[75]王伟,郭丽环,祝效国,等.融资者个人因素以及社会关系对食品类众筹项目的影响研究[J].经济评论,2017(4):118-130.(Wang Wei,Guo Lihuan,Kevin Zhu,et al.The Impact of Personal Factors and Social Relationships of the Financers on the Food-related Crowdfunding Campaigns[J].Economic Review,2017(4):118-130.)
[76]Kaplan S N,Sensoy B A,Str?mberg P.Should Investors Bet on the Jockey or the Horse?Evidence from the Evolution of Firms from Early Business Plans to Public Companies[J].The Journal of Finance,2009,64(1):75-115.
[77]Brinckmann J,Kim S M.Why We Plan:The Impact of Nascent Entrepreneurs’Cognitive Characteristics and Human Capital on Business Planning[J].Strategic Entrepreneurship Journal,2015,9(2):153-166.
[78]Davis B C,Hmieleski K M,Webb J W,et al.Funders’Positive Affective Reactions to Entrepreneurs’Crowdfunding Pitches:The Influence of Perceived Product Creativity and Entrepreneurial Passion[J].Journal of Business Venturing,2017,32(1):90-106.
[79]Davidson R,Poor N.The Barriers Facing Artists’Use of Crowdfunding Platforms:Personality,Emotional Labor,and Going to the Well One Too Many Times[J].New Media&Society,2015,17(2):289-307.
[80]Vismara S.Equity Retention and Social Network Theory in Equity Crowdfunding[J].Small Business Economics,2016,46(4):579-590.
[81]Lin L.Managing the Risks of Equity Crowdfunding:Lessons from China[J].Journal of Corporate Law Studies,2017,17(2):327-366.
[82]Debrulle J,Maes J,Sels L.Start-up Absorptive Capacity:Does the Owner’s Human and Social Capital Matter?[J].International Small Business Journal:Researching Enterpreneurship,2014,32(7):777-801.
[83]ButticèV,Colombo M G,Wright M.Serial Crowdfunding,Social Capital,and Project Success[J].Entrepreneurship:Theory and Practice,2017,41(2):183-207.
[84]Lehner O M,Grabmann E,Ennsgraber C.Entrepreneurial Implications of Crowdfunding as Alternative Funding Source for Innovations[J].Venture Capital,2015,17(1-2):171-189.
[85]吴文清,付明霞,赵黎明.我国众筹成功影响因素及羊群现象研究[J].软科学,2016,30(2):5-8.(Wu Wenqing,Fu Mingxia,Zhao Liming.Successful Factors and Herding Phenomenon of Crowdfunding[J].Soft Science,2016,30(2):5-8.)
[86]Huang Y,Vir Singh P,Srinivasan K.Crowdsourcing New Product Ideas Under Consumer Learning[J].Management Science,2014,60(9):2138-2159.
[87]Escoffier N,Mc Kelvey B.The Wisdom of Crowds in the Movie Industry:Towards New Solutions to Reduce Uncertainties[J].International Journal of Arts Management,2015,17(2):52-63.
[88]Smith A N.The Backer-Developer Connection:Exploring Crowdfunding’s Influence on Video Game Production[J].New Media&Society,2015,17(2):198-214.
[89]Paravisini D,Rappoport V,Ravina E.Risk Aversion and Wealth:Evidence from Person-to-Person Lending Portfolios[J].Management Science,2016,63(2):279-297.
[90]Lehner O M.Crowdfunding Social Ventures:A Model and Research Agenda[J].Venture Capital,2013,15(4):289-311.
[91]Mollick E,Robb A.Democratizing Innovation and Capital Access:The Role of Crowdfunding[J].California Management Review,2016,58(2):72-87.
[92]Calic G,Mosakowski E.Kicking Off Social Entrepreneurship:How a Sustainability Orientation Influences Crowdfunding Success[J].Journal of Management Studies,2016,53(5):738-767.
[93]Serrano A,Oliva R,Kraiselburd S.On the Cost of Capital in Inventory Models with Deterministic Demand[J].International Journal of Production Economics,2017,183:14-20.
[94]何跃,尹小佳,朱超.基于情感及影响力的微博用户群体特征分析——以A手机为例[J].数据分析与知识发现,2017,1(10):12-20.(He Yue,Yin Xiaojia,Zhu Chao.Analyzing Characteristics of Weibo Users Based on Their Sentiments and Influences—Case Study of Cell Phone Brand[J].Data Analysis and Knowledge Discovery,2017,1(10):12-20.)
[95]吴维芳,高宝俊,杨海霞,等.评论文本对酒店满意度的影响:基于情感分析的方法[J].数据分析与知识发现,2017,1(3):62-71.(Wu Weifang,Gao Baojun,Yang Haixia,et al.The Impacts of Reviews on Hotel Satisfaction:A Sentiment Analysis Method[J].Data Analysis and Knowledge Discovery,2017,1(3):62-71.)
[96]Yuan H,Lau R Y,Xu W.The Determinants of Crowdfunding Success:A Semantic Text Analytics Approach[J].Decision Support Systems,2016,91:67-76.
[97]张继源.关于众筹模式及其效率和问题[J].东岳论丛,2015,36(3):185-189.(Zhang Jiyuan.On the Model of Crowdfunding and Its Efficiency and Problems[J].Dongyue Tribune,2015,36(3):185-189.)
[98]Macht S A,Weatherston J.The Benefits of Online Crowdfunding for Fund-seeking Business Ventures[J].Strategic Change,2014,23(1-2):1-14.
[99]郭菊娥,熊洁.股权众筹支持创业企业融资问题研究[J].华东经济管理,2016,30(1):179-184.(Guo Ju’e,Xiong Jie.A Study on Equity-based Crowdfunding to Support Venture Enterprises Financing[J].East China Economic Management,2016,30(1):179-184.)
[100]王会敏.股权众筹是否真的那么美——基于美国制度缺陷的再思考[J].北京社会科学,2016(12):51-64.(Wang Huimin.Is Equity Crowdfunding Really So Agreeable?——Rethinking Based on Defects of the US Mechanism[J].Social Sciences of Beijing,2016(12):51-64.)
[101]王伟,陈伟,祝效国,等.众筹项目的个性化推荐:面向稀疏数据的二分图模型[J].系统工程理论与实践,2017,37(4):1011-1023.(Wang Wei,Chen Wei,Zhu Xiaoguo,et al.Personalized Recommendation of Crowd-funding Campaigns:A Bipartite Graph Approach for Sparse Data[J].Systems Engineering-Theory&Practice,2017,37(4):1011-1023.)
(1)2018年3月数据。
(2)https://www.kickstarter.com/help/stats.